Earnings release
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1 NET INCOME GROUP SHARE OF EUR 2 4 0 MILLION, DOWN 11 . 9 % VS. Q 3 2025 RETURN ON TANGIBLE EQUITY (ROTE) AT 13. 2 % VS. 1 4 . 3 % IN Q 3 2025 Q 3 2026 RESULTS 1 Underlying margins 2 at EUR 8 17 million, up 4 . 6 % vs. Q 3 2025 , representing 6 20 bps of average earning assets vs. 5 93 bps in Q 3 202 5 L easing and Services margins at EUR 761 million, down 2.0 % vs. Q 3 202 5 Net Use d Car Sales result 3 at EUR - 21 million vs. EUR 75 million in Q 3 202 5 Gross UCS result per unit 4 at EUR 118 in Q3 2026 and EUR 3 13 in 9M 2026 , in line with guidance Synergies 5 at EUR 11 6 million, up from EUR 104 million in Q 3 202 5 9M 2026 synergies at EUR 3 38 million vs. EUR 251 million in 9M 2 025 Cost to income ratio 6 at 49 . 2 %, down 3.6 p .p. vs. 5 2 . 8 % in Q 3 202 5 , in line with guidance Earning assets 7 at EUR 52. 8 billion, up 0 . 3 % vs. end September 202 5 CET1 ratio at 1 2 . 8 % as at end September 2026 1 The Group results as at 3 0 September 2026 were examined by the Board of Directors, chaired by Pierre Palmieri on 2 8 October 202 6 2 Excluding non - recurring items 3 Used car sales result and depreciation adjustments 4 Management information 5 Management information. Pre - tax gross synergies of which EUR 6 4 million in revenues from procurement, insurance and remarketing and EUR 52 million in operating expenses (Q 3 2025: EUR 66 million in revenues and EUR 3 9 million in operating expenses) 6 Excluding Net UCS result and non - recurring items 7 Net carrying amount of the rental fleet plus net receivables from finance leases Press r elease Robust Q 3 2026 in a volatile used - car market , o n track to achieve Power U P 2026 targets Paris, 29 October 202 6
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2 “ Ayvens has delivered a solid quarterly performance in a volatile used - car market environment . Our strong focus on profitable business and cost reductions ha s help ed mitigate the decrease in used - car sales ’ result exacerbated by the impact of high oil prices . The strong positive jaws drove the Group’s cost - to - income ratio down to 49.2% and 51.1% for 9M 2026. ROTE stood at 13.2% and 13. 6 % for 9M 2026. These strong metrics demonstrate the robustness of our model and the relevance of our strategic ac tions in this uncertain environment. Ayvens is well - positioned to successfully achieve its PowerUP 2026 financial targets and ready to launch the execution of its Ayvens 2029 strategic plan. ” On 29 October 202 6 , Philippe de Rovira , CEO of Ayvens, commenting on the Q 3 2026 Group results, stated:
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3 Q 3 202 6 FINANCIAL RESULTS Fleet and earning asset s E arning assets s tood at EUR 5 2 . 8 billion vs. EUR 5 2 . 6 billion as at end September 2025 . Ayvens’ total fleet amounted to 3 , 0 4 4 thousand vehicles , down 0.3% compared to end June 2026 and down 4 . 7 % 8 year - on - year . Full - service leasing contracts reached 2, 4 7 0 thousand vehicles, down 0 . 2 % 8 compared to end June 20 26 . Deliveries per powertrain 9 showed a broadly stable BEV penetration at 3 0 % vs. 31 % in Q2 202 6 and 28% in Q 3 202 5 . Hybrids continued to increase their share of total deliveries , at 31 % compared to 2 8 % in Q2 202 6 and 26% in Q3 2025 . ICE penetration w as stable vs. Q2 2026 at 26% , showing a marked decrease compared to 32% in Q3 2025 . Fleet management contracts reached 5 7 4 thousand vehicles, a decrease of 0 . 8 % vs. Q 2 202 6 . Income statement In a volatile u sed - car market environment, Ayvens ’ net income g roup share stood at EUR 2 4 0 million , down 11 . 9 % vs. Q 3 202 5 . This financial performance was notably impacted by a significant decrease in net UCS result and a strong operating performance, with high margins and lower operati ng expenses, further supported by a low er effective tax rate. Gross operating income G ross operating income stood at EUR 7 39 million, a decrease of 1 3 . 1 % vs. Q 3 2025 , reflecting the decrease in the net UCS result and the impact of hyperinf lation in Turkey on margins . For 9M 2026, gross operating income stood at EUR 2 , 310 million , down 8 . 5 % vs. 9M 202 5 . 8 Q 3 202 5 on a like - for - like perimeter : total fleet restated to exclude UAE following the completion of its sale in June 2026 9 Management information, passenger cars and light commercial vehicles
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4 Leasing contract and Services margin s L easing and Services margins reached EUR 7 6 1 million, a decrease of 2 . 0 % compared to Q 3 202 5 due to a higher negative hyperinflation impact . For 9M 2026, Leasing and Services margins stood at EUR 2 , 280 million , a n in crease of 3 . 8 % compared to 9M 2025. Underlying margins reached a high level, at EUR 8 17 million , showing an increase of 4 . 6 % vs. Q 3 202 5 and stood a t 6 20 bps vs. 5 93 bps in Q 3 202 5 . In 9M 2026, u nderlying margins showed an increase of 5 . 6 % compared to 9M 2025 . Non - recurring items total e d EUR - 56 million vs. EUR - 5 million in Q 3 202 5 , reflecting hyperinflation impact in Turkey , as inflation continued to increase at a high pace while the used - car auto index was broadly stable in Q3 2026 . Used car sales result and D epreciation adjustment s Net UCS result stood at EUR - 21 million vs. EUR 7 5 million in Q 3 202 5 and EUR - 8 million in Q 2 2026 . For 9M 2026 , n et UCS result stood at EUR 29 million, vs. EUR 328 m illion in 9M 2025. This result s from a lower gr oss UCS result , at EUR 15 million in Q3 2026 vs. EUR 1 55 million in Q 3 202 5 and EUR 42 million in Q2 2026 . G ross UCS per unit stood at EUR 118 vs. EUR 1,110 in Q 3 202 5 and EUR 326 in Q 2 202 6 . This decrease reflects the ongoing normalization of UCS result on ICE vehicles and the adverse impact s of sustained high oil prices on demand for used ICE vehicles . Depreciation adjustments amounted to EUR - 36 mil lion compared to EUR - 80 million in Q 3 2025 and EUR - 50 million in Q2 2026 . These d epreciation adjustments include : • EUR - 35 million resulting from the fleet reevaluation performed in H1 2026, driven mainly by the evolution of the UK BEV market , vs. EUR – 48 million in Q3 2025 , • EUR - 16 million of reversal of prospective depreciation for vehicles sold, vs. EUR - 3 8 million in Q3 2025 • EUR 1 4 million of other reversals, mainly relating to the vehicles sold in Turkey and representing release of the impairment prev iously booked in the context of hyperinflation, vs. EUR 6 million in Q3 2025 Total v olume of car s sold , at 1 2 7 k units , was down vs. 1 40 k units in Q 3 2025 , reflect ing the lower number of new vehicles which were delivered in 202 2 and 202 3 in the context of supply chain disruptions . As at end of Q 3 202 6 , the Group’s stock of prospective depreciation costs to be reversed is EUR - 61 million compared to EUR - 12 million at end June 202 6 .
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5 Operating expenses O perating expenses amounted to EUR 4 0 7 million, a decrease of 5 . 1 % vs. Q 3 2025 . C ost s to achieve 10 ( CTA ) amounted to EUR 5 million compared to EUR 17 million in Q 3 202 5 . Excluding CTA , underlying operating expenses amounted to EUR 4 0 2 million, a decrease of 2. 5 % vs. Q 3 202 5 , reflecting increasing cost synergies , at EUR 5 2 million vs. EUR 3 9 million in Q 3 202 5 , and continued strict cost monitoring across the organization. The combined effect of higher un derlying margins and lower underlying operating expenses result ed in a seasonally low unde rlying Cost/Income ratio at 49 . 2 % , a 3 . 6 percentage p oint decrease compared to Q 3 202 5 . In 9M 2026, underlying Cost/Income ratio stood at 51.1% vs. 56.1% vs. 9M 2025. Cost of risk Impairment charges on receivables came in at EUR 25 million compared to EUR 27 million in Q 3 202 5 . The cost of risk 11 stood at 19 bps vs. 2 1 bps in Q 3 202 5 . Net income I ncome tax expense came in at EUR 66 million down from EUR 11 6 million in Q 3 202 5 , as a result of a lower profit before tax of EUR 3 06 million vs. EUR 3 90 million in Q 3 202 5 and a low er e ffective tax rate of 2 1.5 % vs. 29. 7 % in Q 3 202 5 . The low tax rate in Q3 2026 is the result of two one - o ff gains: ( i) a successful negotiation leading to the transfer of tax losses from a former Dutch LeasePlan entity to Ayvens and ii) a po sitive impact in Turkey coming from the reversal of deferred tax liabilities linked to inflation - related asset revaluation gains, following the election to recogn ize these gains as non - distributable equity under the local tax regulations. As a resu lt, 9M 2026 effective tax rate stood at 25.3% vs. 2 9 . 7 % in 9M 2025. A yvens ’ n et i ncome g roup s hare reached EUR 24 0 million, compared to EUR 2 73 million in Q 3 202 5 , reflecting a decrease in net UCS result partially offset by stronger margins , reduced operating expenses and lower income tax expense . In 9M 2026, net income group share stood at EUR 754 million, a decrease of 1 . 2 % vs. 9M 2025 at EUR 76 4 million. D iluted Earnings per share 12 was EUR 0. 28 vs. EUR 0. 31 13 at Q 3 202 5 . The Return on Tangible Equity (ROTE) came in at 1 3 . 2 % in Q 3 202 6 vs. 1 4 . 3 % in Q 3 2025 . ROTE stood at 1 3 . 6 % in 9M 2026 vs. 1 3 .4% for 9M 2025, supported by a resilient net income group share and 10 Managem ent information 11 Annualized impairment charges on receivables expressed as a percentage of arithmetic average of earning assets 12 Calculated according to IAS 33. Basic EPS at EUR 0. 2 9 13 Restated to remove impact from warrants as not exercised
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6 distrib ution of EUR 1.4 billion to shareholders through share buybacks and exceptional dividends announced in Q3 2025 and Q2 2026. BALANCE SHEET AND REGULATORY CAPITAL Financial structure Group shareholders’ equity 14 totaled EUR 10 . 3 billion compared to the same level a s a t 3 1 December 202 5 . Net asset value per share 15 (NAV) was EUR 1 3 . 2 8 compared to EUR 13.0 5 as at 31 December 2025 . Net tangib le asset value (NTAV) after dividend provision st ood at EUR 6. 8 billion v s. EUR 7. 0 billion as at 31 December 202 5 . N T AV per share after distribution p rovision was EUR 8. 84 as at 30 September 2026 , and EUR 8.9 7 as at 31 Decem ber 2025 . Total balance sheet stood at EUR 71. 3 billion, an increase of EUR 0 . 4 billion vs. 3 1 December 202 5 largely reflecting an increase in retail deposits . In September 2026 , Ayvens successfully closed and settled a EUR 5 5 0 m illion se curitisation tr ansaction in Belgium , Europe’s first ABS backed entirely by BEVs , further demonstrating strong investor appetite for Ayvens ’ debt instruments. Ayvens has strong long - term debt credit ratings from Moody’s (A1), Fitch Ratings (A) and S&P Global Ratings (A - ) . Regulatory capital Ayvens’ risk - weighted assets (RWA) totaled EUR 53. 4 billion compared to EUR 53.2 billion as at 30 June 2026 , with credit risk - weighted assets accounting for 9 3 % of the total. Ayvens had a strong Common Equity Tier 1 ratio of 12. 8 % after distribution provision , i.e. 3 4 4 basis points above the minimum CET1 requirement of 9 . 3 5 % and t otal Capital ratio st ood at 17.0 % compared to 12.6 % and 16.9 % respectively as at 30 June 2026 . 14 Excluding Additional Tier 1 capital 15 Before dividend provision
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7 CONFERENCE CALL FOR INVESTORS AND ANALYSTS • D ate : 29 O ctober 202 6 , at 10.00 am Paris time – 9.00 am London time • Speakers : Philippe de Rovira , CEO / Patrick Sommelet, Deputy CEO and CFO CONNECTION DETAILS • Webcast link: https://edge.media - server.com/mmc/p/8p thusrg • Conference call: o FR: +33 1 70 91 87 04 o UK: +44 121 281 8004 o US: +1 718 705 8796 o Other countries: + 39 02 802 09 11 o Access code: 457698 AGENDA • 4 February 2027 : Q 4 2026 results • 4 Ma y 2027: Q1 2027 results • About Ayvens Ayvens is a leading global sustainable mobility player committed to making life flow better. We’ve been improving mobility for decades, providing full - service leasing, flexible subscription services, fleet management and multi - mobility solutions to large international corporates, S MEs, professionals and private individuals. With more than 1 3 , 000 employees across 4 0 countries , Ayvens manages 3. 0 million vehicles and the world’s largest multi - brand EV fleet. The company is listed on Compartment A of Euronext Paris (ISIN: FR0013258662; Ticker: A YV ). Societe Generale Group is Ayvens majority shareholder . Find out more at ayvens.com The information contained in this document (the “Information”) has been prepared by Ayvens (the “Company”) solely for informational purposes. The Information is proprietary to the Company. This document and its content may not be reproduced or distributed or published, directly or indirectly, in whole or in part, to any other person for any purpose with out the prior written permission of the Company. “Ayvens” refers to the Company and its consolidated entities. Press c ontact Elise Boorée Communications Department Tel: +33 (0)6 25 01 24 16 elise . booree @ayvens.com
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8 The Information is not an offer to buy or sell or a solicitation of an offer to buy or s ell any security or instrument or to participate in any trading strategy, and does not constitute a recommendation of, or advice regarding investment in, any security or an offer to provide, or solicitation with respect to, any securities - related services of the Company. This document is information given in a summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. Investors should consult the relevant offering documentation, with or without professional advice when deciding whether an investment is appropriate. This document contains forward - looking statements relating to the targets and strategies of the Company. These forward - looking statements are based on a series of assumptions, both general and specific, in particular the application of accounting principles and methods in accordance with IFRS (International Finan cial Reporting Standards) as adopted in the European Union. These forward - looking statements have also been developed from scenarios based on a number of economic assumptions in the context of a given competitive and regulatory environment. The Company may be unable to: - anticipate all the risks, uncertainties or other factors likely to affect its business and to appraise their potential consequences; - evaluate the extent to which the occurrence of a risk or a combination of risks could cause actual resul ts to differ materially from those provided in this document. Therefore, although the Company believes that these statements are based on reasonable assumptions, these forward - looking statements are subject to various risks and uncertainties, including matters not yet known to it or its management or not currently co nsidered material, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. Important factors that could cause actual results to differ materially from the results anticipated in the forward - looking statements include, among others, overall trends in general economic activity and in the Company’s markets in particular, regulatory and prudential changes, and the success of the Compa ny’s strategic, operating and financial initiatives. Unless otherwise specified, the sources for the business rankings and market positions are internal. Other than as required by applicable law, the Company does not undertake any obligation to update or r evise any forward - looking information or statements, opinion, projection, forecast or estimate set forth herein. More detailed information on the potential risks that could affect the Company’s financial results can be found in the 202 5 Universal Registration Document filed with the French financial markets authority (Autorité des marchés financiers). Investors are advised to take into account factors of uncertainty and risk likely to impact the operations of the Company when considering the information con tained in such forward - looking statements. To the maximum extent permitted by law, none of the Company or any of its affiliates, directors, officers, advisors and employees shall bear any liability (in negligence or otherwise) for any direct or indirect lo ss or damage which may be suffered by any recipient through use or reliance on anything contained in or omitted from this document and the related document or any other information or material arising from any use of its materials or their contents or othe rwise arising in connection with these materials. The financial information presented for quarter ending 30 September 2026 was reviewed by the Board of Directors on 28 October 2026 and has been prepared in accordance with IFRS as adopted in the European Union and applicable at this date. By receiving this document, you will be deemed to have represented, warranted and undertaken to have read and understood the above notice and to comply with its contents.
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9 Appendix CONSOLIDATED INCOME STATEMENT in EUR mill ion Q 3 202 6 Q 3 202 5 Q Var. 9M 202 6 9M 202 5 9M Var. Leasing revenues 2, 833 .3 2, 783.1 1. 8 % 8,457. 5 8,469 .9 - 0 .1% Leasing costs - depreciation (2, 060.2 ) (1,975.7) 4.3% ( 6,135. 4) (6,098.8) 0.6 % Leasing costs - financing (440.2 ) ( 459.5 ) - 4.2 % (1,297.0) (1,414.9) - 8 .3% Unrealised gains/losses on financial instruments ( 4.5 ) (2.1 ) 111.5% (4.4) ( 37.6 ) - 88.3% Leasing margin 328.5 345.8 - 5.0% 1,020.8 918.6 11.1 % Services revenues 1, 334.7 1, 371 .4 - 2.7% 4,111.7 3 ,918.7 4. 9% Cost of services revenues (902.4) ( 941.0 ) - 4.1% ( 2,852. 1) (2,640 .6) 8.0 % Services margin 432 .3 430 .4 0.4 % 1,259.6 1,278.1 - 1 .4% Leasing & Services margins 760.8 776. 3 - 2.0% 2,280.4 2,196.8 3.8 % Proceeds of cars sold 1,975.0 2, 137.7 - 7.6 % 6,236.0 6,560. 4 - 4.9 % Cost of cars sold ( 1,960.1 ) (1, 982.7 ) - 1.1% ( 6,110.6 ) (6,031.2) 1.3 % Depreciation cost s adjustments ( 36.3 ) ( 80.2 ) - 54.7% (96.1 ) (201.3 ) - 5 2.3 % Used car sales result and Depreciation adjustments (21.4) 74.8 n.a. 29.3 327.9 - 91.1 % Gross Operating Income 739.4 851.0 - 13.1 % 2 ,309.7 2,524 .6 - 8.5 % Staff expenses (250.0 ) ( 255.3 ) - 2 .1% (760.4 ) ( 818.5 ) - 7.1 % General and administrative expenses ( 116.8 ) ( 131 . 2 ) - 11.0 % (361.6 ) (402.3 ) - 10.1 % Depreciation and amortisation ( 40.4 ) (42.7 ) - 5.4 % (117.5 ) (128.1 ) - 8.3 % Total operating expenses (407.2 ) (429.2 ) - 5.1 % (1,239.4) ( 1,348.9 ) - 8.1 % Impairment charges on receivables (24.5 ) (27. 5 ) - 10.6 % (66.2 ) (85.4 ) - 2 2.4 % Other income / (expense) (1.7) (6. 3 ) - 72.6% 5.0 (4.0) n.a. Operating result 306.0 388.0 - 21.1 % 1,009 .0 1,086 .4 - 7 .1 % Share of profit from associated and jointly controlled entities 0.4 1. 5 - 70.5 % 2.2 4.8 - 54 .3 % Profit before tax 306.4 389.5 - 21.3 % 1,011.2 1,091.1 - 7.3 % Income tax expense (65.8 ) (115.8 ) - 43.1 % (256.1 ) ( 324.4 ) - 21.0 % Net income 240.6 273.7 - 12.1 % 755.0 766.8 1.5 % Non - controlling interests (0. 5 ) (1.1 ) - 56 .9% ( 0. 7 ) (2 .8) - 75.3 % Net income group share 240.1 272.7 - 11.9 % 754.3 763.9 - 1.2 %
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10 BALANCE SHEET AS AT 3 0 SEPTEMBER 2026 in EUR million 3 0 September 2026 31 December 2025 Earning assets 52, 759 53,045 o/w Rental fleet 50, 988 51,168 o/w Finance lease receivables 1, 771 1,877 Cash & Cash deposits with the ECB 1, 863 2,045 Intangibles (incl. goodwill) 2, 727 2,737 Operating lease and other receivables 9,530 8,394 Other 4, 395 4,692 Total assets 71,2 74 70,913 Group shareholders' equity 11, 009 11,011 o/w Group shareholders’ equity excl. AT1 10, 259 10,261 o/w AT1 750 750 Tangible shareholders’ equity 7 ,513 7,487 Non - controlling interests 24 29 Total equity 11, 033 11,040 Deposits 15,025 14,308 Financial debt 35,711 36,379 Trade and other payables 6,283 5,861 Other liabilities 3, 222 3,324 Total l iabilities and equity 71,2 74 70,913
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11 Breakdown of depreciation adjustments P&L: Breakdown of depreciation adjustments in UCS in EUR million Q 3 2026 Q 3 2025 New prospective depreciation for running fleet 16 ( 35 ) (48) Reversal of prospective depreciation for vehicles sold ( 16 ) ( 3 8 ) Net prospective depreciation ( 5 0 ) ( 87 ) Other reversals/impairments 17 1 4 6 Depreciation adjustments ( 36 ) ( 80 ) Balance sheet : pro spective depreciation stock in EUR million Pros pective depreciation 3 0.06 .2026 (12) Net charge to Q 3 2026 P&L ( 5 0 ) FX impact 1 Prospective depreciation 30.0 9 .2026 ( 61 ) 16 Based on H1 2026 fleet revaluation 17 EUR 1 4 million of reversals mainly relating to the vehicles sold in Turkey and representing release of the impairment previously boo ked in the context of hyperin flation
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12 EARNINGS PER S H ARE (EPS) Basic EPS 9M 2026 9M 2025 Existing shares 783,862,091 816,960,428 Shares allocated to cover shares awarded to staff (218,239) ( 484,981 ) Other own shares and treasury shares (12,797,902) ( 130,929 ) End of period number of shares 770,845,950 816, 344,518 Weighted average number of shares used for EPS calculation (A) 777,012,554 8 16, 152,996 in EUR million Net income group share 754.3 763.9 Deduction of interest on AT1 capital ( 5 1.3 ) ( 54.2 ) Net income group share after deduction of interest on AT1 capital (B) 703 . 1 709.7 Basic EPS (in EUR) (B/A) 0. 90 0. 87 Diluted EPS 9M 2026 9M 2025 Existing shares 783,862,091 816,960,428 Weighted average number of shares used for EPS calculation (A’) 783,862,091 816,960,428 Diluted EPS (in EUR) (B/ A’) 0. 90 0. 87
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13 Return on tangible equity ( ROTE ) in EUR million Q 3 2026 Q 3 2025 9M 2026 9M 2025 Equity base for ROE BoP 9, 384.3 10, 1 69.9 9,765.7 10,053.4 Group shareholders' equity 11,008.8 11, 458 .5 11,008.8 11, 458 .5 AT1 Capital (750 .0 ) (750.0) (750 .0 ) (750.0) Interest on AT1 capital (18.4) (18.1 ) (18.4) (18.1 ) Distribution provision 18 (69 5.8 ) (1,073.5 ) (69 5.8 ) (1,073.5 ) OCI excluding conversio n reserves (49.4) 8.2 (49.4) 8.2 Equity base for ROE EoP 9, 49 5.2 9.625.1 9, 49 5.2 9,625.1 Goodwill BoP 2,127.5 2,128.3 2,127.5 2,128.3 Goodwill EoP 2,127.5 2,128.3 2,127.5 2,128.3 Intangible assets BoP 60 2.6 65 2 .6 609.2 662.9 Intangible assets EoP 599 . 6 6 40.2 599 .6 640.2 Average equity base for ROE calculation 9,439. 8 9,911.0 9,6 30.5 9,839.3 Average Goodwill 2,127.5 2,128.3 2,127.5 2,128.3 Average Intangible assets 601.1 654.7 604.4 651.6 Average tangible equity for ROTE calculation 6,71 1.2 7,128.1 6,898. 6 7,059.5 Group net income after non - controlling interests 240.1 272.7 754.3 763.9 Interest on AT1 capital (18.4) (17. 8 ) (51.3) (54.2 ) Adjusted Group net income 221.7 254.8 703.1 709.7 ROTE 13. 2 % 14.3% 13.6% 13 .4% 18 Assuming dividend payout ratio of 50% of adjusted net income group share and remaining share buyback and tax related impacts
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14 CRR 3 /CRD 6 prudential capital ratios and Risk Weighted Assets in EUR million 30 September 2026 30 June 2026 31 March 2026 31 December 2025 Group shareholders’ equity 11,009 11, 115 11,380 11,011 AT1 capital ( 750) (750) (750) (750) Distribution provision 19 & interest on AT1 capital (71 4 ) ( 96 4 ) (642) (500) Goodwill and intangible assets (2,727) (2, 7 30 ) (2,728) (2,737) Deductions and regulatory adjustments 6 51 32 75 Common Equity Tier 1 capital 6,824 6,72 2 7,293 7,099 AT1 capital 750 750 750 750 Tier 1 capital 7,574 7,47 2 8,043 7,849 Tier 2 capital 1,500 1,500 1,500 1,500 Total capital (Tier 1 + Tier 2) 9,074 8,97 2 9,543 9,349 Risk - Weighted Assets 53,363 53,175 52,583 53,745 Credit Risk Weighted Assets 49,409 49,230 48,664 49,889 Market Risk Weighted Assets 935 926 970 915 Operational Risk Weighted Assets 3,019 3,019 2,949 2,942 Common Equity Tier 1 ratio 12.8% 12.6% 13.9% 13.2% Tier 1 ratio 14.2% 14.1% 15.3% 14.6 % Total Capital ratio 17.0% 16.9% 18.1% 17.4% 19 Assuming dividend payout ratio of 50% of adjusted net income group share and remaining share buyback and tax related impacts
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15 Tangible book value per share in EUR million 30 September 2026 31 December 2025 Group shareholders' equity 11, 008.8 11,010.6 AT1 capital (750.0) (750.0) Interest on AT1 capital (18.4) (37.2) Net Asset Value (NAV) 10,240.4 10,223.5 Goodwill (2,127.5) (2,127.5) Intangible assets (599.6 ) (609. 2) Net Tangible Asset Value (NTAV) 7,513.4 7,486.8 Distribution provision (69 5.8 ) (462.5) NTAV after dividend provision 20 6,81 7.6 7,024.3 Number of shares 21 770,845,950 783,179,157 NAV per sha re 13.28 13.05 NTAV per share 9.75 9.56 NTAV per share after distribution provision 8.84 8.97 20 Assuming dividend payout ratio of 50% of adjusted net income group share , and remaining share buyback and tax related impacts 21 The number of shares considered is the number of ordinary shares outstanding at end of period, excluding treasury share s
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16 Q uarterly series in EUR million Q3 2024 Q4 2024 Q1 2025 Q 2 2025 Q 3 2025 Q 4 2025 Q1 2026 Q 2 2026 Q3 2026 Leasing margin 231.7 297 .7 265.1 307.7 345.8 345.2 350.3 341.9 3 28.5 Services margin 414.8 377.5 443.3 404.4 430 .4 402.1 407.0 4 20.3 432.3 Leasing and Services margins 646.5 675.2 708.4 712.1 776.2 747.3 757.3 7 62.2 760.8 Used Car Sales (UCS) result 222.3 199.6 193.4 180.9 154 .9 98 .9 68.5 41.9 14 .9 Depreciation adjustments ( 145.2 ) ( 162.0 ) (82.7 ) ( 38.4 ) ( 80.2 ) ( 16.0 ) ( 9.8 ) ( 49. 9 ) (36.3 ) UCS result and Depreciation adjustments 77.2 37.7 110.6 142.5 74.8 82.9 58.7 (8.0) (21.4) Gross operating income 723.7 712.9 819.0 854.7 851.0 830.2 816.1 754.2 739.4 Total operating expenses ( 459.9 ) ( 474.6 ) (472.8 ) ( 446 .8 ) ( 429.2 ) ( 477 .2 ) (422.4 ) ( 409.8 ) (407.2 ) Impairment charges on receivables (28.8 ) (36.1 ) (30.7 ) ( 27.2 ) ( 27. 5 ) ( 27. 5 ) (25.5) ( 16.2 ) (24.5) Other income/(expense) (7.3 ) (2. 7 ) (1.0 ) 3.2 ( 6. 3 ) ( 8. 6 ) (4.3 ) 10.9 (1.7) Net result from equity method 2. 0 4.4 1.6 1. 7 1. 5 1. 5 1.1 0.6 0.4 Profit before tax 229.7 203.9 316.0 385.6 389.5 318.4 365.0 339.7 306.4 Income tax expense (81.6) ( 42.7 ) (94.9 ) ( 113.7 ) ( 115.8 ) ( 85.6 ) ( 98 .6 ) ( 91.7 ) (65.8 ) Non - controlling interests (1.4 ) (1. 6 ) (1. 2 ) ( 0.6 ) ( 1.1 ) ( 1. 0 ) ( 0 ) (0 .3 ) (0 . 5) Net income group share 146.7 159 .7 219.9 271.3 272.7 231.9 266.5 2 47.7 240.1 in '000 Q3 2024 Q4 2024 Q1 2025 Q 2 2025 Q 3 2025 Q 4 2025 Q 1 2026 Q 2 2026 Q3 2026 Total Contracts 22 3, 332 3, 28 1 3, 2 39 3,2 04 3, 193 3, 175 3, 077 3, 054 3,044 Full service leasing contracts 2, 653 2, 6 09 2, 5 78 2,5 57 2, 5 39 2, 5 25 2, 494 2, 475 2,470 Fleet management contracts 680 672 662 648 6 54 6 50 583 579 574 22 Q4 2024 to Q3 2025 total fleet restated to exclude UAE following the completion of its sale in June 2026